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06 - March 2017TOTAL VALUE OF YOUR ACCOUNTS (as of 3/31/17)$16,147,541.69 Includes Accrued Interest CLIENT STATEMENT For the Period March 1-31, 2017 660 - 110000 - 095 -1 - 0 STATEMENT PACKAGE FOR: CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Morgan Stanley Smith Barney LLC. Member SIPC. Access Your Account s Online: www.morganstanley.com/online Your Financial Advisor Team BAGWELL/BRIDGES/TAYLOR 407-849-4700 Your Branch 201 E. PINE ST 11TH FL ORLANDO, FL 32801 Telephone:407-849-4700 ; Alt. Phone:800-869-0007 ; Fax:407-849-4797 Client Service Center (24 Hours a Day; 7 Days a Week): 800-869-3326 00 0 0 4 7 1 0 3 A B 0 . 4 0 0 0 3 T R 0 0 0 0 4 M S A D D 2 5 1 1 1 1 0 0 0 #B W N J G W M CI T Y O F A T L A N T I C B E A C H C/ O R U S S E L L C A F F E Y 80 0 S E M I N O L E R O A D AT L A N T I C B C H F L 3 2 2 3 3 - 5 4 4 4 00 0 4 7 1 M S A D D 2 5 1 Standard Disclosures CLIENT STATEMENT For the Period March 1-31, 2017 Page 2 of 24 The following Disclosures are applicable to the enclosed statement(s). Expanded Disclosures are attached to your most recent June and December statement (or your first Statement if you have not received a statement for those months). The Expanded Disclosures are also available by selecting Account Documents when you log on to www.morganstanley.com/online or, call 800-869-3326. Questions? Questions regarding your account may be directed to your Financial Advisor or the Branch Manager of the office where you maintain your account, using the contact information on the statement cover page, or the Client Service Center at (800) 869-3326. Errors and Inquiries Be sure to review your statement promptly, and immediately address any concerns regarding entries that you do not understand or believe were made in error by contacting the Branch Manager of the office where you maintain your account. Oral communications regarding any inaccuracy or discrepancy in this statement should be re-confirmed in writing to further protect your rights, including rights under the Securities Investor Protection Act (SIPA). Your statement will be deemed correct unless we receive a written inquiry of a suspected error. See your account documentation for special rules regarding your rights and responsibilities with respect to erroneous electronic fund transfers, including a description of the transfers covered. For concerns or complaints, contact our Client Relations Department at (866) 227-2256. Senior Investor Helpline For concerns or complaints, Senior Investors may contact our Firm by calling (800) 280-4534. Availability of Free Credit Balances and Financial Statements Under the customer protection rules of the SEC [17 CFR §240.15c3-3], we may use funds comprising free credit balances carried for customer accounts here, provided that these funds are payable to customers on demand (i.e., are free of a lien or right of set-off in our favor or on behalf of some third party to whom you have given control). A financial statement of this organization is available for your personal inspection at its offices, or a copy will be mailed to you upon your written request. Listed Options Information with respect to commissions and other charges related to the execution of options transactions has been included in confirmations of such transactions previously furnished to you and such information will be made available to you promptly at your request. Promptly advise us of any material change in your investment objectives or financial situation. Important Information if you are a Margin Customer (not available for certain retirement accounts) If you have margin privileges, you may borrow money from us in exchange for pledging assets in your accounts as collateral for any outstanding margin loan. The amount you may borrow is based on the value of the eligible securities in your margin accounts. If a security has eligible shares, the number of shares pledged as collateral will be indicated below the position. Margin Interest Charges We calculate interest charges on margin loans as follows: (1) multiply the applicable margin interest rate by the daily close of business net settled debit balance, and (2) divide by 360 (days). Margin interest accrues daily throughout the month and is added to your debit balance at month-end. The month-end interest charge is the sum of the daily accrued interest calculations for the month. We add the accrued interest to your debit balance and start a new calculation each time the applicable interest rate changes and at the close of every statement month. For interest rate information, log into your Morgan Stanley account at morganstanley.com/online. Select your account with a Margin agreement and click Interest Rates for more information. Information regarding Special Memorandum Account If you have a Margin Account, this is a combined statement of your Margin Account and Special Memorandum Account maintained for you under Section 220.5 of Regulation T issued by the Board of Governors of the Federal Reserve System. The permanent record of the Special Memorandum Account as required by Regulation T is available for your inspection at your request. Important Information About Auction Rate Securities For certain Auction Rate Securities there is no or limited liquidity. Therefore, the price(s) for these Auction Rate Securities are indicated by N/A (not available). There can be no assurance that a successful auction will occur or that a secondary market exists or will develop for a particular security. Structured Investments Risks and Considerations Structured Investments (Structured Products) are complex products and may be subject to special risks. Investors should consider the concentration risk of owning the related security and their total exposure to any underlying asset. Structured Investments, which may appear in various statement product categories and are identified on the Position Description Details line as “Asset Class: Struct Inv,” may not perform in a manner consistent with the statement product category where they appear and therefore may not satisfy portfolio asset allocation needs for that category. For information on the risks and conflicts of interest related to Structured Investments generally, log in to Morgan Stanley Online and go to www.morganstanley.com/structuredproductsrisksandconflicts. Security Measures This statement features several embedded security elements to safeguard its authenticity. One is a unique security mark-a blue rectangle printed in heat-sensitive ink on the back of every page. When exposed to warmth, the blue rectangle will disappear, and then reappear. SIPC Protection We are a member of Securities Investor Protection Corporation (SIPC), which protects securities of its customers up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at www.sipc.org. Losses due to market fluctuation are not protected by SIPC and assets not held with us may not be covered by SIPC protection. To obtain information about SIPC, including an explanatory SIPC brochure, contact SIPC at 1-202-371-8300 or visit www.sipc.org. Transaction Dates and Conditions Upon written request, we will furnish the date and time of a transaction and the name of the other party to a transaction. We and/or our affiliates may accept benefits that constitute payment for order flow. Details regarding these benefits and the source and amount of any other remuneration received or to be received by us in connection with any transaction will be furnished upon written request. Equity Research Ratings Definitions and Global Investment Manager Analysis Status Some equity securities may have research ratings from Morgan Stanley & Co. LLC or Morningstar, Inc. Research ratings are the research providers’ opinions and not representations or guarantees of performance. For more information about each research provider's rating system, see the Research Ratings on your most recent June or December statement (or your first statement if you have not received a statement for those months), go to www.morganstanley.com/online or refer to the research provider’s research report. Research reports contain more complete information concerning the analyst's views and you should read the entire research report and not infer its contents from the rating alone. If your account contains an advisory component or is an advisory account, a GIMA status will apply. Credit Ratings from Moody's Investors Service and Standard & Poor's The credit rating from Moody's Investors Service and Standard & Poor's may be shown for certain securities. All credit ratings represent the opinions of the provider and are not representations or guarantees of performance. Your Financial Advisor will be pleased to provide you with further information or assistance in interpreting these credit ratings. Revised 01/2017 CONSOLIDATED SUMMARY PERSONAL ACCOUNTS RETIREMENT ACCOUNTS EDUCATION ACCOUNTS TRUST ACCOUNTS BUSINESS ACCOUNTS Consulting and Evaluation Services Active Assets Account 660-110000-095 CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest) This Period (3/1/17-3/31/17) This Year (1/1/17-3/31/17) TOTAL BEGINNING VALUE $16,139,645.92 $16,100,433.59 Normal Contributions —1,839.01 Debits —(5,244.62) Security Transfers —— Net Credits/Debits/Transfers —$(3,405.61) Change in Value 7,895.77 50,513.71 TOTAL ENDING VALUE $16,147,541.69 $16,147,541.69 Net Credits / Debits include investment advisory fees as applicable. See Activity section for details. MARKET VALUE OVER TIME The below chart displays the most recent thirteen months of Market Value. CLIENT STATEMENT For the Period March 1-31, 2017 Account Summary CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR 0 10 20 30 40 50 ($ ) M i l l i o n s This chart does not reflect corrections to Market Value made subsequent to the dates depicted. It may exclude transactions in Annuities or positions where we are not the custodian, which could delay the reporting of Market Value. 2016 2017 Page 3 of 24 ASSET ALLOCATION (includes accrued interest) Cash Fixed Income & Preferreds Market Value Percentage Cash $543,655.95 3.37 Fixed Income & Preferreds 15,603,885.74 96.63 TOTAL VALUE $16,147,541.69 100.00% FDIC rules apply and Bank Deposits are eligible for FDIC insurance but are not covered by SIPC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures. Values may include assets externally held, which are provided to you as a courtesy, and may not be covered by SIPC. For additional information, refer to the corresponding section of this statement. This asset allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications do not constitute a recommendation and may differ from the classification of instruments for regulatory or tax purposes. 00 0 4 7 1 M S A D D 2 5 1 Account Summary CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 4 of 24 BALANCE SHEET (^ includes accrued interest) Last Period (as of 2/28/17) This Period (as of 3/31/17) Cash, BDP, MMFs $293,877.00 $543,478.65 Corporate Fixed Income^1,964,529.71 3,786,402.19 Government Securities^14,213,088.11 11,817,483.55 Net Unsettled Purchases/Sales (331,848.90)177.30 Total Assets $16,139,645.92 $16,147,541.69 Total Liabilities (outstanding balance)—— TOTAL VALUE $16,139,645.92 $16,147,541.69 CASH FLOW This Period (3/1/17-3/31/17) This Year (1/1/17-3/31/17) OPENING CASH, BDP, MMFs $293,877.00 $4,239,844.93 Purchases (1,878,472.76)(19,654,211.20) Dividend Reinvestments —(22,669.13) Sales and Redemptions 2,448,342.57 15,907,739.53 Prior Net Unsettled Purch/Sales (331,848.90)N/A Net Unsettled Purch/Sales (177.30)(177.30) Return of Principal 4,248.52 4,248.52 Income and Distributions 7,509.52 72,108.91 Total Investment Related Activity $249,601.65 $(3,692,960.67) Other Credits —1,839.01 Other Debits —(5,244.62) Total Cash Related Activity —$(3,405.61) Total Card/Check Activity —— CLOSING CASH, BDP, MMFs $543,478.65 $543,478.65 INCOME AND DISTRIBUTION SUMMARY This Period (3/1/17-3/31/17) This Year (1/1/17-3/31/17) Other Dividends $55.38 $22,460.98 Interest 7,454.14 31,465.91 Total Taxable Income And Distributions $7,509.52 $53,926.89 Total Tax-Exempt Income —— TOTAL INCOME AND DISTRIBUTIONS $7,509.52 $53,926.89 Taxable and tax exempt income classifications are based on the characteristics of the underlying securities and not the taxable status of the account. GAIN/(LOSS) SUMMARY Realized This Period (3/1/17-3/31/17) Realized This Year (1/1/17-3/31/17) Unrealized Inception to Date (as of 3/31/17) Short-Term Gain $214.99 $3,149.81 $5,278.84 Short-Term (Loss)(4,596.42)(6,015.48)(11,764.07) Total Short-Term $(4,381.43)$(2,865.67)$(6,485.23) Long-Term Gain —10,958.01 — Long-Term (Loss)—(90,901.54)— Total Long-Term —$(79,943.53)— TOTAL GAIN/(LOSS)$(4,381.43)$(82,809.20)$(6,485.23) The Gain/(Loss) Summary, which may change due to basis adjustments, is provided for informational purposes and should not be used for tax preparation. Refer to Gain/(Loss) in the Expanded Disclosures. Account Summary CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 5 of 24 ADDITIONAL ACCOUNT INFORMATION Category This Period (3/1/17-3/31/17) This Year (1/1/17-3/31/17)Category This Period (3/1/17-3/31/17) This Year (1/1/17-3/31/17) Accrued Interest Paid $12,326.21 $50,091.53 Accrued Interest Received 3,283.71 5,358.55 U.S. Treasury Coupon Interest —23,000.00 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 Investment Objectives †: Income,Capital Appreciation,Aggressive Income,Speculation Investment Advisory Account Manager:GALLIARD CAPITAL MANAGEMENT, INC. CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 6 of 24 † Inform us if your investment objectives, as defined in the Expanded Disclosures, change. HOLDINGS This section reflects positions purchased/sold on a trade date basis. "Market Value" and "Unrealized Gain/(Loss)" may not reflect the value that could be obtained in the market. Fixed Income securities are sorted by maturity or pre-refunding date, and alphabetically within date. Estimated Annual Income a) is calculated on a pre-tax basis, b) does not include any reduction for applicable non-US withholding taxes, c) may include return of principal or capital gains which could overstate such estimates, and d) for securities that have a defined maturity date within the next 12 months, is reflected only through maturity date. Actual income or yield may be lower or higher than the estimates. Current yield reflects the income generated by an investment, and does not reflect changes in its price. Structured Investments, identified on the Position Description Details line as "Asset Class: Struct Inv," may appear in various statement product categories. When displayed, the accrued interest, annual income and current yield for those with a contingent income feature (e.g., Range Accrual Notes or Contingent Income Notes) are estimates and assume specified accrual conditions are met during the relevant period and payment in full of all contingent interest. For Floating Rate Securities, the accrued interest, annual income and current yield are estimates based on the current floating coupon rate and may not reflect historic rates within the accrual period. CASH, BANK DEPOSIT PROGRAM AND MONEY MARKET FUNDS Cash, Bank Deposit Program, and Money Market Funds are generally displayed on a settlement date basis. You have the right to instruct us to liquidate your bank deposit balance(s) or shares of any money market fund balance(s) at any time and have the proceeds of such liquidation remitted to you. Estimated Annual Income, Accrued Interest, and APY% will only be displayed for fully settled positions. Description Market Value 7-Day Current Yield %Est Ann Income APY % CASH $4,248.52 MORGAN STANLEY PRIVATE BANK NA #294,229.70 —29.00 0.010 MORGAN STANLEY BANK N.A. #245,000.43 —25.00 0.010 BANK DEPOSITS $539,230.13 $54.00 Percentage of Holdings Market Value Est Ann Income CASH, BDP, AND MMFs $543,478.65 $54.00 NET UNSETTLED PURCHASES/SALES $177.30 CASH, BDP, AND MMFs (PROJECTED SETTLED BALANCE)3.37%$543,655.95 # Bank Deposits are held at Morgan Stanley Bank, N.A. and/or Morgan Stanley Private Bank, National Association, affiliates of Morgan Stanley Smith Barney LLC and each a national bank and FDIC member. The “Projected Settled Balance” includes accrued interest on deposits and reflects the impact of unsettled purchases/sales. Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 7 of 24 CORPORATE FIXED INCOME CORPORATE BONDS Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % ECOLAB INC Coupon Rate 1.450%; Matures 12/08/2017; CUSIP 278865AP5 3/2/17 50,000.000 $99.929 $99.929 $99.890 $49,964.50 $49,964.50 $49,945.00 $(19.50)ST $725.00 $227.56 1.45 Int. Semi-Annually Jun/Dec 08; Yield to Maturity 1.611%; Moody BAA1 S&P A-; Issued 12/13/12; Asset Class: FI & Pref BECTON DICKINSON AND CO Coupon Rate 1.800%; Matures 12/15/2017; CUSIP 075887BD0 3/7/17 35,000.000 100.229 100.211 100.075 35,080.15 35,073.75 35,026.25 (47.50)ST 630.00 185.49 1.79 Int. Semi-Annually Jun/Dec 15; Yield to Maturity 1.691%; Moody BAA2 S&P BBB+; Issued 12/15/14; Asset Class: FI & Pref MORGAN STANLEY SER-F Coupon Rate 1.875%; Matures 01/05/2018; CUSIP 61761JVM8 3/21/17 30,000.000 100.187 100.182 100.176 30,056.10 30,054.51 30,052.80 (1.71)ST 563.00 134.37 1.87 Int. Semi-Annually Jan/Jul 05; Yield to Maturity 1.640%; Moody A3 S&P BBB+; Issued 12/05/14; Asset Class: FI & Pref REALTY INCOME CORPORATION Coupon Rate 2.000%; Matures 01/31/2018; CUSIP 756109AM6 3/3/17 55,000.000 100.347 100.322 100.170 55,190.85 55,177.27 55,093.50 (83.77)ST 1,100.00 183.33 1.99 Int. Semi-Annually Jan/Jul 31; Callable $100.00 on 12/31/17; Yield to Call 1.769%; Moody BAA1 S&P BBB+; Issued 10/10/12; Asset Class: FI & Pref AIRGAS INC Coupon Rate 1.650%; Matures 02/15/2018; CUSIP 009363AN2 3/9/17 50,000.000 100.124 100.117 100.142 50,062.00 50,058.64 50,071.00 12.36 ST 825.00 105.41 1.64 Int. Semi-Annually Feb/Aug 15; Callable $100.00 on 01/15/18; Yield to Call 1.467%; Moody A3 S&P A-; Issued 02/14/13; Asset Class: FI & Pref NORTHERN STATES PWR MINN Coupon Rate 5.250%; Matures 03/01/2018; CUSIP 665772CD9 3/3/17 45,000.000 103.651 103.385 103.344 46,642.95 46,523.07 46,504.80 (18.27)ST 2,363.00 196.87 5.08 Int. Semi-Annually Mar/Sep 01; Yield to Maturity 1.560%; Moody AA3 S&P A; Issued 03/18/08; Asset Class: FI & Pref PECO ENERGY CO Coupon Rate 5.350%; Matures 03/01/2018; CUSIP 693304AL1 3/6/17 32,000.000 103.717 103.475 103.405 33,189.44 33,112.01 33,089.60 (22.41)ST 1,712.00 142.66 5.17 Int. Semi-Annually Mar/Sep 01; Yield to Maturity 1.592%; Moody AA3 S&P A-; Issued 03/03/08; Asset Class: FI & Pref MIDAMERICAN ENERGY CO Coupon Rate 5.300%; Matures 03/15/2018; CUSIP 595620AH8 3/8/17 35,000.000 103.716 103.522 103.541 36,300.60 36,232.60 36,239.35 6.75 ST 1,855.00 82.44 5.11 Int. Semi-Annually Mar/Sep 15; Yield to Maturity 1.552%; Moody AA2 S&P A+; Issued 03/25/08; Asset Class: FI & Pref OVERSEAS PRIVATE INVESTMENT CORPORATION Zero Coupon; Matures 03/17/2018; CUSIP 690353T31 3/13/17 200,000.000 100.000 100.000 100.111 200,000.00 200,000.00 200,222.00 222.00 ST —— Issued 03/17/17; Asset Class: FI & Pref DUKE ENERGY CAROLINAS Coupon Rate 5.100%; Matures 04/15/2018; CUSIP 26442CAD6 3/28/17 50,000.000 103.514 103.505 103.505 51,757.00 51,752.32 51,752.50 0.18 ST 2,550.00 1,175.83 4.92 Int. Semi-Annually Apr/Oct 15; Yield to Maturity 1.682%; Moody AA2 S&P A; Issued 04/14/08; Asset Class: FI & Pref SOUTHERN CALIF GAS CO Coupon Rate 5.450%; Matures 04/15/2018; CUSIP 842434CD2 2/7/17 30,000.000 104.372 103.831 103.732 31,311.60 31,149.44 31,119.60 (29.84)ST 1,635.00 753.91 5.25 Int. Semi-Annually Apr/Oct 15; Yield to Maturity 1.807%; Moody AA2 S&P A+; Issued 10/17/03; Asset Class: FI & Pref 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 8 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % BANK OF AMERICA NA Coupon Rate 5.650%; Matures 05/01/2018; CUSIP 06051GDX4 2/24/17 30,000.000 104.534 104.201 104.042 31,360.20 31,260.42 31,212.60 (47.82)ST 1,695.00 706.25 5.43 Int. Semi-Annually May/Nov 01; Yield to Maturity 1.862%; Moody BAA1 S&P BBB+; Issued 05/02/08; Asset Class: FI & Pref CONNECTICUT LIGHT & PWR Coupon Rate 5.650%; Matures 05/01/2018; CUSIP 207597ED3 3/2/17 50,000.000 104.599 104.323 104.307 52,299.50 52,161.41 52,153.50 (7.91)ST 2,825.00 1,177.08 5.41 Int. Semi-Annually May/Nov 01; Yield to Maturity 1.622%; Moody A2 S&P A+; Issued 05/27/08; Asset Class: FI & Pref PUB SVC ELEC & GAS Coupon Rate 5.300%; Matures 05/01/2018; CUSIP 74456QAS5 3/21/17 50,000.000 103.966 103.887 104.074 51,983.00 51,943.25 52,037.00 93.75 ST 2,650.00 1,104.16 5.09 Int. Semi-Annually May/Nov 01; Yield to Maturity 1.494%; Moody AA3 S&P A; Issued 04/17/08; Asset Class: FI & Pref ENTERPRISE PRODUCTS OPER Coupon Rate 1.650%; Matures 05/07/2018; CUSIP 29379VBG7 3/9/17 35,000.000 99.806 99.806 99.888 34,932.10 34,932.10 34,960.80 28.70 ST 578.00 231.00 1.65 Int. Semi-Annually May/Nov 07; Yield to Maturity 1.753%; Moody BAA1 S&P BBB+; Issued 05/07/15; Asset Class: FI & Pref PARKER-HANNIFIN CORP Coupon Rate 5.500%; Matures 05/15/2018; CUSIP 70109HAH8 3/3/17 30,000.000 104.643 104.384 104.414 31,392.90 31,315.05 31,324.20 9.15 ST 1,650.00 623.33 5.26 Int. Semi-Annually May/Nov 15; Yield to Maturity 1.517%; Moody BAA1 S&P A; Issued 05/16/08; Asset Class: FI & Pref TRAVELERS COS INC Coupon Rate 5.800%; Matures 05/15/2018; CUSIP 89417EAE9 2/6/17 30,000.000 105.317 104.703 104.637 31,595.10 31,410.87 31,391.10 (19.77)ST 1,740.00 657.33 5.54 Int. Semi-Annually May/Nov 15; Yield to Maturity 1.612%; Moody A2 S&P A; Issued 05/13/08; Asset Class: FI & Pref NORTHROP GRUMMAN CORP Coupon Rate 1.750%; Matures 06/01/2018; CUSIP 666807BF8 3/1/17 35,000.000 100.209 100.197 100.166 35,073.15 35,068.90 35,058.10 (10.80)ST 613.00 204.16 1.74 Int. Semi-Annually Jun/Dec 01; Yield to Maturity 1.605%; Moody BAA2 S&P BBB; Issued 05/31/13; Asset Class: FI & Pref UNITED DOMINION REALTY TRUST, INC. Coupon Rate 4.250%; Matures 06/01/2018; CUSIP 91019PCS9 2/24/17 25,000.000 103.185 102.967 102.735 25,796.25 25,741.76 25,683.75 (58.01)ST 1,063.00 354.16 4.13 Int. Semi-Annually Jun/Dec 01; Yield to Maturity 1.867%; Moody BAA1 S&P BBB+; Issued 05/23/11; Asset Class: FI & Pref CARDINAL HEALTH INC Coupon Rate 1.950%; Matures 06/15/2018; CUSIP 14149YBC1 2/13/17 30,000.000 100.324 100.293 100.306 30,097.20 30,087.93 30,091.80 3.87 ST 585.00 172.24 1.94 Int. Semi-Annually Jun/Dec 15; Yield to Maturity 1.692%; Moody BAA2 S&P A-; Issued 06/23/15; Asset Class: FI & Pref WEC ENERGY GROUP INC Coupon Rate 1.650%; Matures 06/15/2018; CUSIP 976657AJ5 3/8/17 50,000.000 99.817 99.817 99.956 49,908.50 49,908.50 49,978.00 69.50 ST 825.00 242.91 1.65 Int. Semi-Annually Jun/Dec 15; Yield to Maturity 1.686%; Moody A3 S&P BBB+; Issued 06/10/15; Asset Class: FI & Pref PACIFICORP Coupon Rate 5.650%; Matures 07/15/2018; CUSIP 695114CH9 3/1/17 30,000.000 105.348 105.066 105.059 31,604.40 31,519.72 31,517.70 (2.02)ST 1,695.00 357.83 5.37 Int. Semi-Annually Jan/Jul 15; Yield to Maturity 1.664%; Moody A1 S&P A+; Issued 07/17/08; Asset Class: FI & Pref GOLDMAN SACHS GROUP INC Coupon Rate 2.900%; Matures 07/19/2018; CUSIP 38147MAA3 3/21/17 30,000.000 101.366 101.343 101.295 30,409.80 30,402.95 30,388.50 (14.45)ST 870.00 174.00 2.86 Int. Semi-Annually Jan/Jul 19; Yield to Maturity 1.886%; Moody A3 S&P BBB+; Issued 07/19/13; Asset Class: FI & Pref Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 9 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % VERIZON COMMUNICATIONS Coupon Rate 2.871%; Matures 09/14/2018; CUSIP 92343VBM5 3/9/17 35,000.000 102.256 102.183 102.117 35,789.60 35,764.04 35,740.95 (23.09)ST 1,005.00 47.45 2.81 Interest Paid Quarterly Dec 14; Yield to Maturity 1.394%; Floater; Moody BAA1 S&P BBB+; Issued 09/18/13; Asset Class: FI & Pref NORTHERN STATES POWER COMPANY Coupon Rate 5.250%; Matures 10/01/2018; CUSIP 665789AV5 3/6/17 30,000.000 105.174 104.974 105.196 31,552.20 31,492.05 31,558.80 66.75 ST 1,575.00 787.50 4.99 Int. Semi-Annually Apr/Oct 01; Yield to Maturity 1.726%; Moody AA3 S&P A; Issued 10/02/03; Asset Class: FI & Pref MARSH & MCLENNAN COS INC Coupon Rate 2.550%; Matures 10/15/2018; CUSIP 571748AT9 2/1/17 30,000.000 101.097 100.997 101.173 30,329.10 30,299.18 30,351.90 52.72 ST 765.00 352.74 2.52 Int. Semi-Annually Apr/Oct 15; Callable $100.00 on 09/15/18; Yield to Call 1.730%; Moody BAA1 S&P A-; Issued 09/27/13; Asset Class: FI & Pref BOSTON PROPERTIES LP Coupon Rate 3.700%; Matures 11/15/2018; CUSIP 10112RAT1 2/7/17 25,000.000 102.908 102.673 102.490 25,727.00 25,668.24 25,622.50 (45.74)ST 925.00 349.44 3.61 Int. Semi-Annually May/Nov 15; Callable $100.00 on 08/15/18; Yield to Call 1.853%; Moody BAA2 S&P A-; Issued 11/10/11; Asset Class: FI & Pref KEYCORP Coupon Rate 2.300%; Matures 12/13/2018; CUSIP 49326EEE9 2/27/17 30,000.000 100.658 100.628 100.596 30,197.40 30,188.28 30,178.80 (9.48)ST 690.00 207.00 2.28 Int. Semi-Annually Jun/Dec 13; Callable $100.00 on 11/13/18; Yield to Call 1.923%; Moody BAA1 S&P BBB+; Issued 11/13/13; Asset Class: FI & Pref BANK OF AMERICA CORP Coupon Rate 2.600%; Matures 01/15/2019; CUSIP 06051GEX3 2/24/17 35,000.000 101.371 101.309 101.041 35,479.85 35,458.06 35,364.35 (93.71)ST 910.00 192.11 2.57 Int. Semi-Annually Jan/Jul 15; Yield to Maturity 2.004%; Moody BAA1 S&P BBB+; Issued 10/22/13; Asset Class: FI & Pref GOLDMAN SACHS GROUP INC Coupon Rate 2.625%; Matures 01/31/2019; CUSIP 38145XAA1 2/1/17 30,000.000 101.102 101.018 101.128 30,330.60 30,305.52 30,338.40 32.88 ST 788.00 131.25 2.59 Int. Semi-Annually Jan/Jul 31; Yield to Maturity 1.995%; Moody A3 S&P BBB+; Issued 01/31/14; Asset Class: FI & Pref CONOCOPHILLIPS Coupon Rate 5.750%; Matures 02/01/2019; CUSIP 20825CAR5 3/28/17 25,000.000 106.858 106.848 107.035 26,714.50 26,711.94 26,758.75 46.81 ST 1,438.00 239.58 5.37 Int. Semi-Annually Feb/Aug 01; Yield to Maturity 1.829%; Moody BAA2 S&P A-; Issued 02/03/09; Asset Class: FI & Pref MORGAN STANLEY Coupon Rate 2.450%; Matures 02/01/2019; CUSIP 61746BDX1 2/3/17 30,000.000 100.834 100.772 100.899 30,250.20 30,231.53 30,269.70 38.17 ST 735.00 122.50 2.42 Int. Semi-Annually Feb/Aug 01; Yield to Maturity 1.948%; Moody A3 S&P BBB+; Issued 01/27/16; Asset Class: FI & Pref SIMON PROPERTY GROUP LP Coupon Rate 2.200%; Matures 02/01/2019; CUSIP 828807CQ8 2/3/17 25,000.000 100.879 100.813 100.604 25,219.75 25,203.32 25,151.00 (52.32)ST 550.00 91.66 2.18 Int. Semi-Annually Feb/Aug 01; Callable $100.00 on 11/01/18; Yield to Call 1.811%; Moody A2 S&P A; Issued 01/21/14; Asset Class: FI & Pref UNION ELECTRIC CO Coupon Rate 6.700%; Matures 02/01/2019; CUSIP 906548CG5 2/24/17 35,000.000 109.170 108.714 108.347 38,209.50 38,049.77 37,921.45 (128.32)ST 2,345.00 390.83 6.18 Int. Semi-Annually Feb/Aug 01; Yield to Maturity 2.036%; Moody A2 S&P A; Issued 06/19/08; Asset Class: FI & Pref PROLOGIS LP Coupon Rate 2.750%; Matures 02/15/2019; CUSIP 74340XAV3 2/2/17 3/7/17 30,000.000 25,000.000 101.628 101.507 101.395 101.351 101.357 101.357 30,488.40 30,452.02 25,348.75 25,337.87 30,407.10 25,339.25 (44.92) 1.38 ST ST 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 10 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % Total 55,000.000 55,837.15 55,789.89 55,746.35 (43.54)ST 1,513.00 193.26 2.71 Int. Semi-Annually Feb/Aug 15; Callable $100.00 on 01/15/19; Yield to Call 1.973%; Moody A3 S&P A-; Issued 08/15/13; Asset Class: FI & Pref PRINCETON UNIVERSITY Coupon Rate 4.950%; Matures 03/01/2019; CUSIP 89837LAA3 3/24/17 50,000.000 106.229 106.202 106.127 53,114.50 53,101.16 53,063.50 (37.66)ST 2,475.00 206.24 4.66 Int. Semi-Annually Mar/Sep 01; Yield to Maturity 1.687%; Moody AAA S&P AAA; Issued 01/21/09; Asset Class: FI & Pref ROCK-TENN COMPANY Coupon Rate 4.450%; Matures 03/01/2019; CUSIP 772739AJ7 2/9/17 31,000.000 104.440 104.156 104.376 32,376.40 32,288.24 32,356.56 68.32 ST 1,380.00 114.95 4.26 Int. Semi-Annually Mar/Sep 01; Yield to Maturity 2.108%; Moody BAA2 S&P BBB (-); Issued 03/01/13; Asset Class: FI & Pref MIDAMERICAN ENERGY CO Coupon Rate 2.400%; Matures 03/15/2019; CUSIP 595620AJ4 2/1/17 25,000.000 101.072 100.994 101.205 25,268.00 25,248.52 25,301.25 52.73 ST 600.00 26.66 2.37 Int. Semi-Annually Mar/Sep 15; Callable $100.00 on 02/15/19; Yield to Call 1.742%; Moody AA2 S&P A+; Issued 09/19/13; Asset Class: FI & Pref EATON CORP Coupon Rate 6.950%; Matures 03/20/2019; CUSIP 278058DH2 3/3/17 40,000.000 109.728 109.414 109.367 43,891.20 43,765.56 43,746.80 (18.76)ST 2,780.00 84.94 6.35 Int. Semi-Annually Mar/Sep 20; Yield to Maturity 2.071%; Moody BAA1 S&P A-; Issued 03/16/09; Asset Class: FI & Pref CATERPILLAR FINL SERVICE Coupon Rate 1.900%; Matures 03/22/2019; CUSIP 14912L6W6 3/20/17 60,000.000 99.940 99.940 100.019 59,964.00 59,964.00 60,011.40 47.40 ST 1,140.00 25.33 1.89 Int. Semi-Annually Mar/Sep 22; Callable $100.00 on 04/30/17; Yield to Call 1.651%; First Coupon 09/22/17; Moody A3E S&P A; Issued 03/23/17; Asset Class: FI & Pref PORTLAND GENERAL ELECTRIC Coupon Rate 6.100%; Matures 04/15/2019; CUSIP 736508BQ4 3/1/17 45,000.000 108.304 108.024 107.851 48,736.80 48,610.92 48,532.95 (77.97)ST 2,745.00 1,265.74 5.65 Int. Semi-Annually Apr/Oct 15; Yield to Maturity 2.143%; Moody A1 S&P A-; Issued 04/16/09; Asset Class: FI & Pref SUNTRUST BANKS INC Coupon Rate 2.500%; Matures 05/01/2019; CUSIP 867914BG7 2/24/17 40,000.000 101.163 101.118 101.040 40,465.20 40,447.01 40,416.00 (31.01)ST 1,000.00 416.66 2.47 Int. Semi-Annually May/Nov 01; Callable $100.00 on 04/01/19; Yield to Call 1.967%; Moody BAA1 S&P BBB+; Issued 05/01/14; Asset Class: FI & Pref PUBLIC SERVICE COLORADO Coupon Rate 5.125%; Matures 06/01/2019; CUSIP 744448CC3 2/1/17 41,000.000 107.210 106.735 106.705 43,956.10 43,761.35 43,749.05 (12.30)ST 2,101.00 700.41 4.80 Int. Semi-Annually Jun/Dec 01; Yield to Maturity 1.948%; Moody A1 S&P A; Issued 06/04/09; Asset Class: FI & Pref NORFOLK SOUTHERN CORP Coupon Rate 5.900%; Matures 06/15/2019; CUSIP 655844BC1 2/1/17 41,000.000 108.734 108.169 108.424 44,580.94 44,349.33 44,453.84 104.51 ST 2,419.00 712.26 5.44 Int. Semi-Annually Jun/Dec 15; Yield to Maturity 1.976%; Moody BAA1 S&P BBB+; Issued 06/01/09; Asset Class: FI & Pref ROCKWELL COLLINS INC Coupon Rate 1.950%; Matures 07/15/2019; CUSIP 774341AG6 3/28/17 10,000.000 99.904 99.904 100.056 9,990.40 9,990.40 10,005.60 15.20 ST 195.00 1.94 Int. Semi-Annually Jan/Jul 15; Yield to Maturity 1.924%; First Coupon 07/15/17; Moody BAA2e S&P BBB; Issued 04/10/17; Asset Class: FI & Pref AMERICAN EXPRESS CREDIT Coupon Rate 2.250%; Matures 08/15/2019; CUSIP 0258M0DP1 2/27/17 35,000.000 100.928 100.897 100.788 35,324.80 35,313.97 35,275.80 (38.17)ST 788.00 100.62 2.23 Int. Semi-Annually Feb/Aug 15; Yield to Maturity 1.908%; Moody A2 S&P A-; Issued 08/15/14; Asset Class: FI & Pref Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 11 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % PUBLIC SERVICE ELECTRIC Coupon Rate 2.000%; Matures 08/15/2019; CUSIP 74456QBJ4 3/20/17 35,000.000 99.971 99.971 99.956 34,989.85 34,989.85 34,984.60 (5.25)ST 700.00 89.44 2.00 Int. Semi-Annually Feb/Aug 15; Callable $100.00 on 07/15/19; Yield to Call 2.019%; Moody AA3 S&P A; Issued 08/12/14; Asset Class: FI & Pref BOSTON PROPERTIES INC Coupon Rate 5.875%; Matures 10/15/2019; CUSIP 10112RAQ7 2/3/17 30,000.000 108.859 108.378 108.223 32,657.70 32,513.25 32,466.90 (46.35)ST 1,763.00 812.70 5.43 Int. Semi-Annually Apr/Oct 15; Callable $100.00 on 07/15/19; Yield to Call 2.171%; Moody BAA2 S&P A-; Issued 10/09/09; Asset Class: FI & Pref JPMORGAN CHASE & CO Coupon Rate 2.250%; Matures 01/23/2020; CUSIP 46625HKA7 3/14/17 25,000.000 99.798 99.798 100.344 24,949.50 24,949.50 25,086.00 136.50 ST 563.00 106.25 2.24 Int. Semi-Annually Jan/Jul 23; Callable $100.00 on 12/23/19; Yield to Call 2.119%; Moody A3 S&P A-; Issued 01/23/15; Asset Class: FI & Pref MORGAN STANLEY Coupon Rate 2.650%; Matures 01/27/2020; CUSIP 61747YDW2 2/6/17 34,000.000 101.003 100.955 100.954 34,341.02 34,324.57 34,324.36 (0.21)ST 901.00 160.17 2.62 Int. Semi-Annually Jan/Jul 27; Yield to Maturity 2.298%; Moody A3 S&P BBB+; Issued 01/27/15; Asset Class: FI & Pref APPLE INC Coupon Rate 1.900%; Matures 02/07/2020; CUSIP 037833CK4 2/2/17 60,000.000 99.951 99.951 100.291 59,970.60 59,970.60 60,174.60 204.00 ST 1,140.00 164.66 1.89 Int. Semi-Annually Feb/Aug 07; Yield to Maturity 1.795%; First Coupon 08/07/17; Moody AA1 S&P AA+; Issued 02/09/17; Asset Class: FI & Pref PNC FUNDING CORP Coupon Rate 5.125%; Matures 02/08/2020; CUSIP 693476BJ1 2/24/17 30,000.000 108.679 108.431 108.065 32,603.70 32,529.24 32,419.50 (109.74)ST 1,538.00 226.35 4.74 Int. Semi-Annually Feb/Aug 08; Yield to Maturity 2.192%; Moody A3 S&P A-; Issued 02/08/10; Asset Class: FI & Pref AMERICAN HONDA FINANCE Coupon Rate 2.000%; Matures 02/14/2020; CUSIP 02665WBM2 2/13/17 55,000.000 99.858 99.858 100.246 54,921.90 54,921.90 55,135.30 213.40 ST 1,100.00 137.50 1.99 Int. Semi-Annually Feb/Aug 14; Yield to Maturity 1.911%; First Coupon 08/14/17; Moody A1 S&P A+; Issued 02/16/17; Asset Class: FI & Pref NOVARTIS CAPITAL CORP Coupon Rate 1.800%; Matures 02/14/2020; CUSIP 66989HAL2 2/14/17 50,000.000 99.609 99.609 100.098 49,804.50 49,804.50 50,049.00 244.50 ST 900.00 109.99 1.79 Int. Semi-Annually Feb/Aug 14; Yield to Maturity 1.765%; First Coupon 08/14/17; Moody AA3 S&P AA-; Issued 02/17/17; Asset Class: FI & Pref PACCAR FINANCIAL CORP Coupon Rate 1.950%; Matures 02/27/2020; CUSIP 69371RN69 2/22/17 50,000.000 99.820 99.820 100.134 49,910.00 49,910.00 50,067.00 157.00 ST 975.00 92.08 1.94 Int. Semi-Annually Feb/Aug 27; Yield to Maturity 1.902%; First Coupon 08/27/17; Moody A1 S&P A+; Issued 02/27/17; Asset Class: FI & Pref ROCKWELL AUTOMATION INC Coupon Rate 2.050%; Matures 03/01/2020; CUSIP 773903AF6 2/3/17 3/3/17 33,000.000 22,000.000 99.813 99.813 99.492 99.492 99.643 99.643 32,938.29 32,938.29 21,888.24 21,888.24 32,882.19 21,921.46 (56.10) 33.22 ST ST Total 55,000.000 54,826.53 54,826.53 54,803.65 (22.88)ST 1,128.00 93.95 2.05 Int. Semi-Annually Mar/Sep 01; Callable $100.00 on 02/01/20; Yield to Maturity 2.177%; Moody A3 S&P A; Issued 02/17/15; Asset Class: FI & Pref AMERICAN EXPRESS CREDIT Coupon Rate 2.200%; Matures 03/03/2020; CUSIP 0258M0EE5 2/28/17 20,000.000 99.896 99.896 100.151 19,979.20 19,979.20 20,030.20 51.00 ST 440.00 34.22 2.19 Int. Semi-Annually Mar/Sep 03; Callable $100.00 on 02/01/20; Yield to Call 2.144%; First Coupon 09/03/17; Moody A2 S&P A-; Issued 03/03/17; Asset Class: FI & Pref 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 12 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % THE WALT DISNEY COMPANY Coupon Rate 1.950%; Matures 03/04/2020; CUSIP 25468PDP8 3/1/17 40,000.000 99.974 99.974 100.224 39,989.60 39,989.60 40,089.60 100.00 ST 780.00 54.16 1.94 Int. Semi-Annually Mar/Sep 04; Yield to Maturity 1.871%; First Coupon 09/04/17; Moody A2 S&P A; Issued 03/06/17; Asset Class: FI & Pref GREAT PLAINS ENERGY INC Coupon Rate 2.500%; Matures 03/09/2020; CUSIP 391164AG5 3/6/17 55,000.000 99.922 99.922 100.421 54,957.10 54,957.10 55,231.55 274.45 ST 1,375.00 84.02 2.48 Int. Semi-Annually Mar/Sep 09; Yield to Maturity 2.351%; First Coupon 09/09/17; Moody BAA3 S&P BBB; Issued 03/09/17; Asset Class: FI & Pref JOHN DEERE CAPITAL CORP Coupon Rate 2.200%; Matures 03/13/2020; CUSIP 24422ETQ2 3/10/17 55,000.000 99.922 99.922 100.287 54,957.10 54,957.10 55,157.85 200.75 ST 1,210.00 53.77 2.19 Int. Semi-Annually Mar/Sep 13; Yield to Maturity 2.099%; First Coupon 09/13/17; Moody A2 S&P A; Issued 03/15/17; Asset Class: FI & Pref GOLDMAN SACHS GROUP INC Coupon Rate 5.375%; Matures 03/15/2020; CUSIP 38141EA58 2/1/17 30,000.000 108.466 108.056 108.408 32,539.80 32,416.74 32,522.40 105.66 ST 1,613.00 71.66 4.95 Int. Semi-Annually Mar/Sep 15; Yield to Maturity 2.410%; Moody A3 S&P BBB+; Issued 03/08/10; Asset Class: FI & Pref JP MORGAN CHASE Coupon Rate 4.950%; Matures 03/25/2020; CUSIP 46625HHQ6 2/23/17 30,000.000 108.274 108.027 107.981 32,482.20 32,408.03 32,394.30 (13.73)ST 1,485.00 24.75 4.58 Int. Semi-Annually Mar/Sep 25; Yield to Maturity 2.173%; Moody A3 S&P A-; Issued 03/25/10; Asset Class: FI & Pref AMPHENOL CORP Coupon Rate 2.200%; Matures 04/01/2020; CUSIP 032095AF8 3/29/17 40,000.000 99.922 99.922 99.937 39,968.80 39,968.80 39,974.80 6.00 ST 880.00 2.20 Int. Semi-Annually Apr/Oct 01; Yield to Maturity 2.222%; First Coupon 10/01/17; Moody BAA1E S&P BBB+; Issued 04/05/17; Asset Class: FI & Pref CONSUMERS ENERGY CO Coupon Rate 5.650%; Matures 04/15/2020; CUSIP 210518CL8 2/1/17 53,000.000 109.873 109.407 110.711 58,232.69 57,985.89 58,676.83 690.94 ST 2,995.00 1,380.79 5.10 Int. Semi-Annually Apr/Oct 15; Yield to Maturity 1.999%; Moody A1 S&P A; Issued 03/24/05; Asset Class: FI & Pref MCDONALD'S CORP Coupon Rate 2.200%; Matures 05/26/2020; CUSIP 58013MET7 3/6/17 50,000.000 100.053 100.052 100.145 50,026.50 50,025.99 50,072.50 46.51 ST 1,100.00 381.94 2.19 Int. Semi-Annually May/Nov 26; Callable $100.00 on 04/26/20; Yield to Call 2.151%; Moody BAA1 S&P BBB+; Issued 05/26/15; Asset Class: FI & Pref MORGAN STANLEY Coupon Rate 2.800%; Matures 06/16/2020; CUSIP 61761JB32 3/21/17 30,000.000 101.323 101.314 101.213 30,396.90 30,394.26 30,363.90 (30.36)ST 840.00 245.00 2.76 Int. Semi-Annually Jun/Dec 16; Yield to Maturity 2.404%; Moody A3 S&P BBB+; Issued 06/16/15; Asset Class: FI & Pref BANK OF AMERICA CORP Coupon Rate 5.625%; Matures 07/01/2020; CUSIP 06051GEC9 3/7/17 30,000.000 109.939 109.762 109.674 32,981.70 32,928.52 32,902.20 (26.32)ST 1,688.00 421.87 5.13 Int. Semi-Annually Jan/Jul 01; Yield to Maturity 2.506%; Moody BAA1 S&P BBB+; Issued 06/22/10; Asset Class: FI & Pref ERP OPERATING-LP Coupon Rate 4.750%; Matures 07/15/2020; CUSIP 26884AAY9 2/1/17 3/28/17 30,000.000 20,000.000 107.259 106.943 106.929 106.923 106.984 106.984 32,177.70 32,082.91 21,385.80 21,384.67 32,095.20 21,396.80 12.29 12.13 ST ST Total 50,000.000 53,563.50 53,467.58 53,492.00 24.42 ST 2,375.00 699.30 4.43 Int. Semi-Annually Jun/Dec 15; Callable $100.00 on 04/15/20; Yield to Call 2.355%; Moody BAA1 S&P A-; Issued 07/15/10; Asset Class: FI & Pref Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 13 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % COMMONWEALTH EDISON COMPANY Coupon Rate 4.000%; Matures 08/01/2020; CUSIP 202795HV5 2/16/17 50,000.000 105.233 105.070 105.256 52,616.50 52,534.98 52,628.00 93.02 ST 2,000.00 333.33 3.80 Int. Semi-Annually Feb/Aug 01; Callable $100.00 on 05/01/20; Yield to Call 2.226%; Moody A2 S&P A-; Issued 08/02/10; Asset Class: FI & Pref PNC FUNDING CORP. Coupon Rate 4.375%; Matures 08/11/2020; CUSIP 693476BL6 3/28/17 30,000.000 106.442 106.437 106.559 31,932.60 31,931.06 31,967.70 36.64 ST 1,313.00 182.29 4.10 Int. Semi-Annually Feb/Aug 11; Yield to Maturity 2.334%; Moody A3 S&P A-; Issued 08/11/10; Asset Class: FI & Pref GILEAD SCIENCES INC Coupon Rate 2.550%; Matures 09/01/2020; CUSIP 375558BB8 2/28/17 40,000.000 100.885 100.865 101.077 40,354.00 40,346.11 40,430.80 84.69 ST 1,020.00 84.99 2.52 Int. Semi-Annually Mar/Sep 01; Yield to Maturity 2.221%; Moody A3 S&P A; Issued 09/14/15; Asset Class: FI & Pref AVALONBAY COMMUNITIES IN Coupon Rate 3.625%; Matures 10/01/2020; CUSIP 05348EAS8 2/8/17 30,000.000 104.286 104.135 103.672 31,285.80 31,240.36 31,101.60 (138.76)ST 1,088.00 543.75 3.49 Int. Semi-Annually Apr/Oct 01; Callable $100.00 on 07/01/20; Yield to Call 2.442%; Moody A3 S&P A-; Issued 09/20/13; Asset Class: FI & Pref KENTUCKY UTILITIES COMPANY Coupon Rate 3.250%; Matures 11/01/2020; CUSIP 491674BE6 2/17/17 55,000.000 103.537 103.437 103.122 56,945.35 56,890.25 56,717.10 (173.15)ST 1,788.00 744.79 3.15 Int. Semi-Annually May/Nov 01; Callable $100.00 on 08/01/20; Yield to Call 2.272%; Moody A1 S&P A; Issued 05/01/11; Asset Class: FI & Pref EMERSON ELECTRIC CO. Coupon Rate 4.250%; Matures 11/15/2020; CUSIP 291011BC7 2/28/17 50,000.000 107.159 107.009 107.460 53,579.50 53,504.31 53,730.00 225.69 ST 2,125.00 802.77 3.95 Int. Semi-Annually May/Nov 15; Yield to Maturity 2.100%; Moody A2 S&P A; Issued 11/16/09; Asset Class: FI & Pref LOCKHEED MARTIN CORP Coupon Rate 2.500%; Matures 11/23/2020; CUSIP 539830BF5 2/3/17 15,000.000 100.930 100.895 100.691 15,139.50 15,134.18 15,103.65 (30.53)ST 375.00 133.33 2.48 Int. Semi-Annually May/Nov 23; Callable $100.00 on 10/23/20; Yield to Call 2.297%; Moody BAA1 S&P BBB+; Issued 11/23/15; Asset Class: FI & Pref UNION PACIFIC CORP Coupon Rate 4.000%; Matures 02/01/2021; CUSIP 907818DG0 2/1/17 30,000.000 106.011 105.786 105.883 31,803.30 31,735.83 31,764.90 29.07 ST 1,200.00 200.00 3.77 Int. Semi-Annually Feb/Aug 01; Callable $100.00 on 11/01/20; Yield to Call 2.280%; Moody A3 S&P A; Issued 08/02/10; Asset Class: FI & Pref ENTERGY ARKANSAS, INC. Coupon Rate 3.750%; Matures 02/15/2021; CUSIP 29364DAQ3 2/1/17 3/1/17 30,000.000 20,000.000 104.961 104.777 104.776 104.692 104.646 104.646 31,488.30 31,433.19 20,955.20 20,938.43 31,393.80 20,929.20 (39.39) (9.23) ST ST Total 50,000.000 52,443.50 52,371.62 52,323.00 (48.62)ST 1,875.00 239.58 3.58 Int. Semi-Annually Feb/Aug 15; Callable $100.00 on 11/15/20; Yield to Call 2.403%; Moody A2 S&P A; Issued 11/12/10; Asset Class: FI & Pref JPMORGAN CHASE & CO Coupon Rate 1.656%; Matures 03/09/2021; CUSIP 46647PAC0 3/2/17 40,000.000 100.000 100.000 99.577 40,000.00 40,000.00 39,830.80 (169.20)ST 662.00 40.48 1.66 Interest Paid Quarterly Jun 09; Yield to Maturity 1.768%; First Coupon 06/09/17; Floater; Moody A3; Issued 03/09/17; Asset Class: FI & Pref KIMCO REALTY CORP Coupon Rate 3.200%; Matures 05/01/2021; CUSIP 49446RAL3 2/17/17 30,000.000 102.012 101.963 101.121 30,603.60 30,588.75 30,336.30 (252.45)ST 960.00 400.00 3.16 Int. Semi-Annually May/Nov 01; Callable $100.00 on 03/01/21; Yield to Call 2.895%; Moody BAA1 S&P BBB+; Issued 04/24/14; Asset Class: FI & Pref 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 14 of 24 Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % EQUIFAX INC Coupon Rate 2.300%; Matures 06/01/2021; CUSIP 294429AK1 2/28/17 35,000.000 98.712 98.712 98.468 34,549.20 34,549.20 34,463.80 (85.40)ST 805.00 268.33 2.33 Int. Semi-Annually Jun/Dec 01; Callable $100.00 on 05/01/21; Yield to Maturity 2.691%; Moody BAA1 S&P BBB+; Issued 05/12/16; Asset Class: FI & Pref JPMORGAN CHASE & CO Coupon Rate 2.400%; Matures 06/07/2021; CUSIP 46625HRT9 2/23/17 30,000.000 99.563 99.563 99.485 29,868.90 29,868.90 29,845.50 (23.40)ST 720.00 228.00 2.41 Int. Semi-Annually Jun/Dec 07; Callable $100.00 on 05/07/21; Yield to Maturity 2.530%; Moody A3 S&P A-; Issued 06/07/16; Asset Class: FI & Pref FISERV, INC. Coupon Rate 4.750%; Matures 06/15/2021; CUSIP 337738AL2 2/2/17 30,000.000 108.051 107.783 107.591 32,415.30 32,335.03 32,277.30 (57.73)ST 1,425.00 419.58 4.41 Int. Semi-Annually Jun/Dec 15; Yield to Maturity 2.822%; Moody BAA2 S&P BBB; Issued 06/14/11; Asset Class: FI & Pref MCCORMICK & CO Coupon Rate 3.900%; Matures 07/15/2021; CUSIP 579780AH0 3/3/17 35,000.000 105.351 105.273 105.692 36,872.85 36,845.57 36,992.20 146.63 ST 1,365.00 288.16 3.68 Int. Semi-Annually Jan/Jul 15; Callable $100.00 on 04/15/21; Yield to Call 2.412%; Moody A2 S&P A-; Issued 07/08/11; Asset Class: FI & Pref SIMON PROPERTY GROUP LP Coupon Rate 2.500%; Matures 07/15/2021; CUSIP 828807CX3 2/2/17 30,000.000 100.068 100.066 99.672 30,020.40 30,019.73 29,901.60 (118.13)ST 750.00 158.33 2.50 Int. Semi-Annually Jan/Jul 15; Callable $100.00 on 04/15/21; Yield to Maturity 2.581%; Moody A2 S&P A; Issued 01/13/16; Asset Class: FI & Pref GOLDMAN SACHS GROUP INC Coupon Rate 5.250%; Matures 07/27/2021; CUSIP 38141GGQ1 2/1/17 30,000.000 109.622 109.307 109.692 32,886.60 32,791.98 32,907.60 115.62 ST 1,575.00 280.00 4.78 Int. Semi-Annually Jan/Jul 27; Yield to Maturity 2.850%; Moody A3 S&P BBB+; Issued 07/27/11; Asset Class: FI & Pref BURLINGTN NORTH SANTA FE Coupon Rate 3.450%; Matures 09/15/2021; CUSIP 12189LAF8 2/15/17 60,000.000 103.853 103.762 104.073 62,311.80 62,257.04 62,443.80 186.76 ST 2,070.00 91.99 3.31 Int. Semi-Annually Mar/Sep 15; Callable $100.00 on 06/15/21; Yield to Call 2.425%; Moody A3 S&P A; Issued 08/22/11; Asset Class: FI & Pref LOCKHEED MARTIN CORP Coupon Rate 3.350%; Matures 09/15/2021; CUSIP 539830AY5 2/2/17 35,000.000 103.339 103.234 103.597 36,168.65 36,131.86 36,258.95 127.09 ST 1,173.00 52.11 3.23 Int. Semi-Annually Mar/Sep 15; Yield to Maturity 2.492%; Moody BAA1 S&P BBB+; Issued 09/09/11; Asset Class: FI & Pref NORFOLK SOUTHERN CORP Coupon Rate 3.250%; Matures 12/01/2021; CUSIP 655844BG2 3/14/17 20,000.000 101.767 101.752 102.714 20,353.40 20,350.45 20,542.80 192.35 ST 650.00 216.66 3.16 Int. Semi-Annually Jun/Dec 01; Callable $100.00 on 09/01/21; Yield to Call 2.595%; Moody BAA1 S&P BBB+; Issued 11/17/11; Asset Class: FI & Pref PREMIER AIRCRAFT LEASING EXIM Coupon Rate 3.547%; Matures 04/10/2022; CUSIP 74046BAB2 3/28/17 150,000.000 103.428 103.428 103.088 68,592.52 68,592.52 68,367.03 (225.49)ST 2,352.00 529.27 3.44 Interest Paid Quarterly Jul 10; Yield to Maturity 2.882%; Factor .44212736; Issued 04/29/10; Current Face 66,319.104; Asset Class: FI & Pref SAFINA LTD Coupon Rate 2.000%; Matures 12/30/2023; CUSIP 78657AAB5 1/31/17 200,000.000 99.000 99.000 98.819 126,014.55 121,808.51 121,585.81 (222.70)ST 2,461.00 2.02 Interest Paid Quarterly Sep 30; Yield to Maturity 2.189%; Factor .61519450; Issued 06/25/12; Current Face 123,038.900; Asset Class: FI & Pref Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 15 of 24 Percentage of Holdings Face Value Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % CORPORATE FIXED INCOME 3,822,000.000 $3,765,120.69 $3,756,900.24 $3,758,768.43 $1,868.19 ST $118,850.00 $27,633.76 3.16% TOTAL CORPORATE FIXED INCOME (includes accrued interest) 23.45%$3,786,402.19 Watchlist and CreditWatch Indicators: (*) = developing/uncertain (+) = On Watchlist/CreditWatch Upgrade (-) = On Watchlist/CreditWatch Downgrade GOVERNMENT SECURITIES TREASURY SECURITIES Security Description Trade Date Face Value Orig Unit Cost Adj Unit Cost Unit Price Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % UNITED STATES TREASURY NOTE Coupon Rate 1.000%; Matures 02/15/2018; CUSIP 912828H94 1/31/17 2,740,000.000 $100.129 $100.115 $99.949 $2,743,541.21 $2,743,162.92 $2,738,602.60 $(4,560.32)ST $27,400.00 $3,330.38 1.00 Int. Semi-Annually Feb/Aug 15; Yield to Maturity 1.059%; Moody AAA; Issued 02/15/15; Asset Class: FI & Pref UNITED STATES TREASURY NOTE Coupon Rate 1.125%; Matures 01/31/2019; CUSIP 912828V56 1/31/17 7,675,000.000 99.856 99.856 99.801 7,663,932.65 7,663,932.09 7,659,726.75 (4,205.34)ST 86,344.00 14,072.60 1.12 Int. Semi-Annually Jan/Jul 31; Yield to Maturity 1.235%; Moody AAA; Issued 01/31/17; Asset Class: FI & Pref UNITED STATES TREASURY NOTE Coupon Rate 1.375%; Matures 01/15/2020; CUSIP 912828V31 1/31/17 1,075,000.000 99.782 99.782 99.766 1,072,652.20 1,072,652.06 1,072,484.50 (167.56)ST 14,781.00 3,062.41 1.37 Int. Semi-Annually Jan/Jul 15; Yield to Maturity 1.461%; Moody AAA; Issued 01/15/17; Asset Class: FI & Pref UNITED STATES TREASURY NOTE-INFLATION INDEXED Coupon Rate 0.125%; Matures 04/15/2021; CUSIP 912828Q60 1/31/17 315,000.000 101.306 101.306 101.031 325,439.45 325,439.45 326,019.25 579.80 ST 403.00 185.06 0.12 Int. Semi-Annually Apr/Oct 15; Factor 1.02442000; Moody AAA; Issued 04/15/16; Current Face 322,692.300; Asset Class: FI & Pref Percentage of Holdings Face Value Orig Total Cost Adj Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % GOVERNMENT SECURITIES 11,805,000.000 $11,805,565.51 $11,805,186.52 $11,796,833.10 $(8,353.42)ST $128,928.00 $20,650.45 1.09% TOTAL GOVERNMENT SECURITIES (includes accrued interest) 73.18%$11,817,483.55 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 16 of 24 Percentage of Holdings Total Cost Market Value Unrealized Gain/(Loss) Est Ann Income Accrued Interest Current Yield % TOTAL MARKET VALUE $15,562,086.76 $16,099,257.48 $(6,485.23)ST $247,832.00 $48,284.21 1.54% TOTAL VALUE (includes accrued interest)100.00%$16,147,541.69 Unrealized Gain/(Loss) totals only reflect positions that have both cost basis and market value information available. Cash, MMF, Deposits and positions stating 'Please Provide' or 'Pending Corporate Actions' are not included. ALLOCATION OF ASSETS (^includes accrued interest) Cash Equities Fixed Income & Preferred Securities Alternatives Annuities & Insurance Structured Investments Other Cash, BDP, MMFs $543,655.95 —————— Corporate Fixed Income^——$3,786,402.19 ———— Government Securities^——11,817,483.55 ———— TOTAL ALLOCATION OF ASSETS^$543,655.95 —$15,603,885.74 ———— ACTIVITY INVESTMENT RELATED ACTIVITY PURCHASES, DIVIDEND REINVESTMENTS, SALES AND REDEMPTIONS Activity Date Settlement Date Activity Type Description Comments Quantity Price Credits/(Debits) 3/1 3/2 Sold US TSY NOTE 1375 20JA15 ACTED AS AGENT ACCRUED INTEREST 305.77 175,000.000 $99.5153 $174,457.55 3/1 3/3 Cancel Buy JOHNSON & JONHSON 2250 22MH03 ACTED AS AGENT a/o 02/28/17 50,000.000 99.7280 49,864.00 3/1 3/3 Cancel Buy AMERICAN EXPRESS 2200 20MH03 ACTED AS AGENT a/o 02/28/17 20,000.000 99.8960 19,979.20 3/1 3/3 Bought JOHNSON & JONHSON 2250 *22MH03 ACTED AS AGENT a/o 02/28/17 50,000.000 99.7280 (49,864.00) 3/1 3/3 Bought AMERICAN EXPRESS 2200 *20MH03 ACTED AS AGENT a/o 02/28/17 20,000.000 99.8960 (19,979.20) 3/1 3/6 Bought PORTLAND GEN ELEC 6100 19AP15 ACTED AS AGENT ACCRUED INTEREST 1,075.13 45,000.000 108.3040 (49,811.93) 3/1 3/6 Bought THE WALT DISNEY C 1950 20MH04 ACTED AS AGENT 40,000.000 99.9740 (39,989.60) 3/1 3/6 Bought NORTHROP CORP 1750 18JN01 ACTED AS AGENT ACCRUED INTEREST 161.63 35,000.000 100.2090 (35,234.78) 3/1 3/6 Bought PACIFICORP 5650 18JL15 ACTED AS AGENT ACCRUED INTEREST 240.13 30,000.000 105.3480 (31,844.53) 3/1 3/6 Bought ENTERGY ARKANSAS 3750 *21FB15 ACTED AS AGENT ACCRUED INTEREST 43.75 20,000.000 104.7760 (20,998.95) Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 17 of 24 PURCHASES, DIVIDEND REINVESTMENTS, SALES AND REDEMPTIONS (CONTINUED) Activity Date Settlement Date Activity Type Description Comments Quantity Price Credits/(Debits) 3/2 3/3 Sold US TSY NOTE 1375 20JA15 ACTED AS AGENT ACCRUED INTEREST 267.78 150,000.000 99.4098 149,382.48 3/2 3/3 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 33.15 75,000.000 99.9919 75,027.08 3/2 3/7 Bought CT LIGHT & PWR 5650 18MY01 ACTED AS AGENT ACCRUED INTEREST 988.75 50,000.000 104.5990 (53,288.25) 3/2 3/7 Bought ECOLAB INC 1450 17DE08 ACTED AS AGENT ACCRUED INTEREST 179.24 50,000.000 99.9290 (50,143.74) 3/3 3/6 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 131.22 250,000.000 99.9567 250,022.97 3/3 3/6 Bought NTHN STATES PWR 5250 18MH01 ACTED AS AGENT ACCRUED INTEREST 32.81 45,000.000 103.6510 (46,675.76) 3/3 3/8 Bought REALTY INCOME COR 2000 *18JA31 ACTED AS AGENT ACCRUED INTEREST 116.11 55,000.000 100.3470 (55,306.96) 3/3 3/8 Bought EATON CORP 6950 19MH20 ACTED AS AGENT ACCRUED INTEREST 1,297.33 40,000.000 109.7280 (45,188.53) 3/3 3/8 Bought MCCORMICK & CO 3900 *21JL15 ACTED AS AGENT ACCRUED INTEREST 200.96 35,000.000 105.3510 (37,073.81) 3/3 3/8 Bought PARKER-HANNIFIN 5500 18MY15 ACTED AS AGENT ACCRUED INTEREST 517.92 30,000.000 104.6430 (31,910.82) 3/3 3/8 Bought ROCKWELL AUTOMATI 2050 *20MH01 ACTED AS AGENT ACCRUED INTEREST 8.77 22,000.000 99.4920 (21,897.01) 3/6 3/9 Bought GREAT PAINS EGY 2500 20MH09 ACTED AS AGENT 55,000.000 99.9220 (54,957.10) 3/6 3/9 Bought JPMORGAN CHASE 00000 21MH09 ACTED AS AGENT a/o 03/02/17 40,000.000 100.0000 (40,000.00) 3/6 3/9 Bought NORTHERN STATES 5250 18OC01 ACTED AS AGENT ACCRUED INTEREST 691.25 30,000.000 105.1740 (32,243.45) 3/8 3/8 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 116.02 a/o 03/07/17 200,000.000 99.9372 199,990.42 3/8 3/9 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 91.16 150,000.000 99.8981 149,938.31 3/8 3/9 Bought MCDONALD'S CORP 2200 *20MY26 ACTED AS AGENT ACCRUED INTEREST 314.72 a/o 03/06/17 50,000.000 100.0530 (50,341.22) 3/8 3/9 Bought PECO ENERGY CO 5350 18MH01 ACTED AS AGENT ACCRUED INTEREST 38.04 a/o 03/06/17 32,000.000 103.7170 (33,227.48) 3/8 3/10 Bought BECTON DICKINSON 1800 17DE15 ACTED AS AGENT ACCRUED INTEREST 148.75 a/o 03/07/17 35,000.000 100.2290 (35,228.90) 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 18 of 24 PURCHASES, DIVIDEND REINVESTMENTS, SALES AND REDEMPTIONS (CONTINUED) Activity Date Settlement Date Activity Type Description Comments Quantity Price Credits/(Debits) 3/8 3/10 Bought BANK OF AMERICA 5625 20JL01 ACTED AS AGENT ACCRUED INTEREST 323.44 a/o 03/07/17 30,000.000 109.9390 (33,305.14) 3/8 3/10 Bought PROLOGIS LP 2750 *19FB15 ACTED AS AGENT ACCRUED INTEREST 47.74 a/o 03/07/17 25,000.000 101.3950 (25,396.49) 3/8 3/13 Bought WEC EGY GROUP INC 1650 18JN15 ACTED AS AGENT ACCRUED INTEREST 201.67 50,000.000 99.8170 (50,110.17) 3/8 3/13 Bought MIDAMERICAN ENER 5300 18MH15 ACTED AS AGENT ACCRUED INTEREST 917.19 35,000.000 103.7160 (37,217.79) 3/9 3/10 Sold US TSY NOTE 1125 19JA31 ACTED AS AGENT ACCRUED INTEREST 177.14 150,000.000 99.5583 149,514.59 3/9 3/14 Bought AIRGAS INC 1650 *18FB15 ACTED AS AGENT ACCRUED INTEREST 66.46 50,000.000 100.1240 (50,128.46) 3/9 3/14 Bought VERIZON COMM 27087 18SP14 ACTED AS AGENT 35,000.000 102.2560 (35,789.60) 3/9 3/14 Bought ENTERPRISE PROD 1650 18MY07 ACTED AS AGENT ACCRUED INTEREST 203.73 35,000.000 99.8060 (35,135.83) 3/10 3/15 Bought JOHN DEERE CAP 2200 20MH13 ACTED AS AGENT 55,000.000 99.9220 (54,957.10) 3/13 3/14 Sold US TSY NOTE 1375 20JA15 ACTED AS AGENT ACCRUED INTEREST 220.30 100,000.000 99.3083 99,528.60 3/15 3/15 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 174.03 a/o 03/14/17 225,000.000 99.8864 224,918.43 3/15 3/17 Bought JPMORGAN CHASE CO 2250 *20JA23 ACTED AS AGENT ACCRUED INTEREST 84.38 a/o 03/14/17 25,000.000 99.7980 (25,033.88) 3/15 3/17 Bought NORFOLK SOUTHERN 3250 *21DE01 ACTED AS AGENT ACCRUED INTEREST 191.39 a/o 03/14/17 20,000.000 101.7670 (20,544.79) 3/20 3/23 Bought PUBLIC SERVICE 2000 *19AU15 ACTED AS AGENT ACCRUED INTEREST 73.89 35,000.000 99.9710 (35,063.74) 3/21 3/17 Bought OVERSEAS PRIVATE 00000 18MH17 ACTED AS AGENT a/o 03/13/17 200,000.000 100.0000 (200,000.00) 3/21 3/23 Bought CATERPILLAR 1900 *19MH22 ACTED AS AGENT a/o 03/20/17 60,000.000 99.9400 (59,964.00) 3/21 3/24 Bought PUB SVC ELEC GAS 5300 18MY01 ACTED AS AGENT ACCRUED INTEREST 1,052.64 50,000.000 103.9660 (53,035.64) 3/21 3/24 Bought MORGAN STANLEY 2800 20JN16 ACTED AS AGENT ACCRUED INTEREST 228.67 30,000.000 101.3230 (30,625.57) 3/21 3/24 Bought GOLDMAN SACHS GRP 2900 18JL19 ACTED AS AGENT ACCRUED INTEREST 157.08 30,000.000 101.3660 (30,566.88) 3/21 3/24 Bought MORGAN STANLEY 1875 18JARG ACTED AS AGENT ACCRUED INTEREST 123.44 30,000.000 100.1870 (30,179.54) Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 19 of 24 PURCHASES, DIVIDEND REINVESTMENTS, SALES AND REDEMPTIONS (CONTINUED) Activity Date Settlement Date Activity Type Description Comments Quantity Price Credits/(Debits) 3/22 3/23 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 198.90 200,000.000 99.9801 200,159.10 3/24 3/27 Sold US TSY NOTE 1000 18FB15 ACTED AS AGENT ACCRUED INTEREST 359.12 325,000.000 99.9684 325,256.42 3/24 3/29 Bought PRINCETON UNIV 4950 19MH01 ACTED AS AGENT ACCRUED INTEREST 192.50 50,000.000 106.2290 (53,307.00) 3/29 3/29 Sold US TSY NOTE 1375 20JA15 ACTED AS AGENT ACCRUED INTEREST 693.20 a/o 03/28/17 250,000.000 99.7575 250,086.95 3/29 3/29 Sold US TSY NOTE 1375 20JA15 ACTED AS AGENT ACCRUED INTEREST 415.92 a/o 03/28/17 150,000.000 99.6715 149,923.17 3/29 3/31 Bought PREMIER AIRCRAFT 3547 22AP10 ACTED AS AGENT ACCRUED INTEREST 529.28 a/o 03/28/17 150,000.000 103.4280 (69,121.80) 3/29 3/31 Bought DUKE ENERGY 5100 18AP15 ACTED AS AGENT ACCRUED INTEREST 1,175.83 a/o 03/28/17 50,000.000 103.5140 (52,932.83) 3/29 3/31 Bought PNC FUNDING CORP. 4375 20AU11 ACTED AS AGENT ACCRUED INTEREST 182.29 a/o 03/28/17 30,000.000 106.4420 (32,114.89) 3/29 3/31 Bought CONOCOPHILLIPS 5750 19FB01 ACTED AS AGENT ACCRUED INTEREST 239.58 a/o 03/28/17 25,000.000 106.8580 (26,954.08) 3/29 3/31 Bought ERP OPERATING-LP 4750 *20JL15 ACTED AS AGENT ACCRUED INTEREST 279.72 a/o 03/28/17 20,000.000 106.9290 (21,665.52) 3/29 4/5 Bought AMPHENOL CORP 2200 20AP01 ACTED AS AGENT 40,000.000 99.9220 (39,968.80) 3/29 4/10 Bought ROCKWELL COLLINS 1950 19JL15 ACTED AS AGENT a/o 03/28/17 10,000.000 99.9040 (9,990.40) 3/31 4/5 Sold JOHNSON & JONHSON 2250 *22MH03 ACTED AS AGENT ACCRUED INTEREST 100.00 50,000.000 100.0730 50,136.50 TOTAL PURCHASES, DIVIDEND REINVESTMENTS, SALES AND REDEMPTIONS $569,869.81 TOTAL PURCHASES $(1,878,472.76) TOTAL SALES AND REDEMPTIONS $2,448,342.57 Purchase and Sale transactions above may have received an average price execution. Details regarding the actual prices are available upon request. UNSETTLED PURCHASES/SALES ACTIVITY Activity Date Settlement Date Activity Type Description Comments Quantity Price Pending Credits/(Debits) 3/28 4/10 Bought ROCKWELL COLLINS 1950 19JL15 UNSETTLED PURCHASE 10,000.000 $99.9040 $(9,990.40) 3/29 4/5 Bought AMPHENOL CORP 2200 20AP01 UNSETTLED PURCHASE 40,000.000 99.9220 (39,968.80) 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 20 of 24 UNSETTLED PURCHASES/SALES ACTIVITY (CONTINUED) Activity Date Settlement Date Activity Type Description Comments Quantity Price Pending Credits/(Debits) 3/31 4/5 Sold JOHNSON & JONHSON 2250 *22MH03 UNSETTLED SALE 50,000.000 100.0730 50,136.50 NET UNSETTLED PURCHASES/SALES $177.30 This section displays transactions that have not settled during this statement period. The Holdings section includes positions purchased and omits positions sold or sold short as of the trade-date. The unit/share price for unsettled fixed income new issues in the Holdings section may be approximate in advance of active market pricing or pricing from third party pricing services. RETURN OF PRINCIPAL Activity Date Activity Type Description Comments Credits/(Debits) 3/31 Principal Payment SAFINA LTD 2000 23DE30 CUSIP: 78657AAB5 $4,248.52 TOTAL RETURN OF PRINCIPAL $4,248.52 TAXABLE INCOME AND DISTRIBUTIONS Activity Date Activity Type Description Comments Credits/(Debits) 3/1 Interest Income ROCK-TENN COMPANY 4450 19MH01 CUSIP: 772739AJ7 $689.75 3/1 Interest Income ROCKWELL AUTOMATI 2050 *20MH01 CUSIP: 773903AF6 338.25 3/1 Dividend MSILF GOVT SEC PART DIV PAYMENT 55.38 3/15 Interest Income BURLINGTN NORTH 3450 *21SP15 CUSIP: 12189LAF8 1,035.00 3/15 Interest Income MIDAMERICAN ENER 5300 18MH15 CUSIP: 595620AH8 927.50 3/15 Interest Income GOLDMAN SACHS 5375 20MH15 CUSIP: 38141EA58 806.25 3/15 Interest Income LOCKHEED MARTIN 3350 21SP15 CUSIP: 539830AY5 586.25 3/15 Interest Income MIDAMERICAN 2400 *19MH15 CUSIP: 595620AJ4 300.00 3/20 Interest Income EATON CORP 6950 19MH20 CUSIP: 278058DH2 1,390.00 3/27 Interest Income JP MORGAN CHASE 4950 20MH25 CUSIP: 46625HHQ6 742.50 3/30 Interest Income SAFINA LTD 2000 23DE30 CUSIP: 78657AAB5 636.44 3/31 Interest Income MORGAN STANLEY PRIVATE BANK NA (Period 03/01-03/31) 1.77 3/31 Interest Income MORGAN STANLEY BANK N.A. (Period 03/03-03/31) 0.43 TOTAL TAXABLE INCOME AND DISTRIBUTIONS $7,509.52 TOTAL OTHER DIVIDENDS $55.38 TOTAL INTEREST $7,454.14 MONEY MARKET FUND (MMF) AND BANK DEPOSIT PROGRAM ACTIVITY Activity Date Activity Type Description Credits/(Debits) 3/1 Automatic Investment BANK DEPOSIT PROGRAM $46,167.25 3/2 Automatic Investment BANK DEPOSIT PROGRAM 55.38 3/3 Automatic Investment BANK DEPOSIT PROGRAM 108,746.74 3/6 Automatic Investment BANK DEPOSIT PROGRAM 25,234.77 3/7 Automatic Redemption BANK DEPOSIT PROGRAM (77,964.57) 3/8 Automatic Redemption BANK DEPOSIT PROGRAM (191,377.13) Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 21 of 24 MONEY MARKET FUND (MMF) AND BANK DEPOSIT PROGRAM ACTIVITY (CONTINUED) Activity Date Activity Type Description Credits/(Debits) 3/9 Automatic Investment BANK DEPOSIT PROGRAM 139,159.48 3/13 Automatic Redemption BANK DEPOSIT PROGRAM (31,743.90) 3/14 Automatic Redemption BANK DEPOSIT PROGRAM (21,525.29) 3/15 Automatic Redemption BANK DEPOSIT PROGRAM (51,302.10) 3/16 Automatic Investment BANK DEPOSIT PROGRAM 224,918.43 3/17 Automatic Redemption BANK DEPOSIT PROGRAM (45,578.67) 3/20 Automatic Investment BANK DEPOSIT PROGRAM 1,390.00 3/22 Automatic Redemption BANK DEPOSIT PROGRAM (200,000.00) 3/24 Automatic Redemption BANK DEPOSIT PROGRAM (39,276.27) 3/27 Automatic Investment BANK DEPOSIT PROGRAM 742.50 3/28 Automatic Investment BANK DEPOSIT PROGRAM 325,256.42 3/29 Automatic Redemption BANK DEPOSIT PROGRAM (53,307.00) 3/30 Automatic Investment BANK DEPOSIT PROGRAM 400,646.56 3/31 Automatic Investment BANK DEPOSIT PROGRAM 1.77 3/31 Automatic Investment BANK DEPOSIT PROGRAM 0.43 3/31 Automatic Redemption BANK DEPOSIT PROGRAM (202,789.12) NET ACTIVITY FOR PERIOD $357,455.68 REALIZED GAIN/(LOSS) DETAIL LONG-TERM GAIN/(LOSS) Security Description Date Acquired Date Sold Quantity Sales Proceeds Orig / Adj Total Cost Realized Gain/(Loss)Comments DELAWARE LTD-TERM DIVERS INC A 10/09/15 01/25/17 292,866.598 $2,465,822.54 $2,482,396.69 $(16,574.15)R 10/22/15 01/25/17 482.148 4,059.50 4,096.43 (36.93)R 10/22/15 01/25/17 149.859 1,261.75 1,273.23 (11.48)R 11/20/15 01/25/17 385.575 3,246.39 3,252.93 (6.54)R 12/22/15 01/25/17 383.026 3,224.93 3,224.18 0.75 R 01/22/16 01/25/17 386.160 3,251.32 3,262.82 (11.50)R Long-Term This Period $0.00 $0.00 $0.00 Long-Term Year to Date $11,603,967.46 $11,683,910.99 $(79,943.53) SHORT-TERM GAIN/(LOSS) Security Description Date Acquired Date Sold Quantity Sales Proceeds Orig / Adj Total Cost Realized Gain/(Loss)Comments DELAWARE LTD-TERM DIVERS INC A 02/22/16 01/25/17 367.887 3,097.47 3,116.08 (18.61)R 03/22/16 01/25/17 388.345 3,269.71 3,293.58 (23.87)R 00 0 4 7 1 M S A D D 2 5 1 Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 22 of 24 SHORT-TERM GAIN/(LOSS) (CONTINUED) Security Description Date Acquired Date Sold Quantity Sales Proceeds Orig / Adj Total Cost Realized Gain/(Loss)Comments 04/22/16 01/25/17 422.217 3,554.90 3,593.90 (39.00)R 05/20/16 01/25/17 402.457 3,388.53 3,430.08 (41.55)R 06/22/16 01/25/17 537.156 4,522.64 4,589.46 (66.82)R 07/22/16 01/25/17 415.091 3,494.90 3,559.37 (64.47)R 08/22/16 01/25/17 429.191 3,613.62 3,684.95 (71.33)R 09/22/16 01/25/17 439.210 3,697.98 3,767.00 (69.02)R 10/21/16 01/25/17 496.739 4,182.35 4,255.98 (73.63)R 11/22/16 01/25/17 486.653 4,097.43 4,136.01 (38.58)R JOHNSON & JONHSON 2 1/4 3-03-22 02/28/17 03/31/17 50,000.000 50,036.50 49,864.00 172.50 SAFINA LTD 2.000 12-30-23 01/31/17 03/30/17 4,248.520 4,248.52 4,206.03 42.49 US TSY NOTE 1 1/8 1-31-19 01/31/17 03/09/17 150,000.000 149,337.45 149,783.47 (446.02) US TSY NOTE 1 3/8 1-15-20 01/31/17 03/01/17 175,000.000 174,151.78 174,617.86 (466.08) 01/31/17 03/02/17 150,000.000 149,114.70 149,672.45 (557.75) 01/31/17 03/13/17 100,000.000 99,308.30 99,781.63 (473.33) 01/31/17 03/28/17 250,000.000 249,393.75 249,453.91 (60.16) 01/31/17 03/28/17 150,000.000 149,507.25 149,672.45 (165.20) US TSY NOTE 1.000 2-15-18 01/31/17 03/02/17 75,000.000 74,993.93 75,089.25 (95.32) 01/31/17 03/03/17 250,000.000 249,891.75 250,294.95 (403.20) 01/31/17 03/07/17 200,000.000 199,874.40 200,234.59 (360.19) 01/31/17 03/08/17 150,000.000 149,847.15 150,175.42 (328.27) 01/31/17 03/14/17 225,000.000 224,744.40 225,258.50 (514.10) 01/31/17 03/22/17 200,000.000 199,960.20 200,224.29 (264.09) 01/31/17 03/24/17 325,000.000 324,897.30 325,360.01 (462.71) Short-Term This Period $2,449,307.38 $2,453,688.81 $(4,381.43) Short-Term Year to Date $4,302,662.04 $4,305,527.71 $(2,865.67) Net Realized Gain/(Loss) This Period $2,449,307.38 $2,453,688.81 $(4,381.43) Net Realized Gain/(Loss) Year to Date $15,906,629.50 $15,989,438.70 $(82,809.20) Treasury regulations require that we report on Form 1099-B a) adjusted cost basis on the sale of covered securities acquired on or after 1/1/11 (or the applicable date for the type of security), b) the gain or loss as either long-term or short-term, and c) basis adjustments on covered securities due to wash sales, certain corporate actions and transfers by gift or inheritance. This section may not reflect all the basis adjustments required when filing your tax return. Refer to the Expanded Disclosures. R - The cost basis for this tax lot was adjusted due to a reclassification of income. MESSAGES Consolidated Statement of Financial Condition (In Millions of Dollars) At December 31, 2016 Morgan Stanley Smith Barney LLC had net capital of $3,946 which exceeded the Securities and Exchange Commission's minimum requirement by $3,797. A copy of the Morgan Stanley Smith Barney LLC Consolidated Statement of Financial Condition at December 31, 2016 can be viewed online at: http://www.morganstanley.com/about-us-ir/shareholder/morganstanley_smithbarney_llc.pdf or may be mailed to you at no cost by calling 1 (866) 825-1675, after March 15, 2017. Account Detail CLIENT STATEMENT For the Period March 1-31, 2017 Consulting and Evaluation Services Active Assets Account 660-110000-095 CITY OF ATLANTIC BEACH C/O RUSSELL CAFFEY Page 23 of 24 Settlement Cycle Change to Trade Date Plus Two (T+2) On September 5, 2017, the settlement cycle for equities, corporate and municipal bonds, and unit investment trusts traded in the United States, Canada and Mexico will change from a three day to a two day cycle. Upon the effective date, you will be required to fund purchases and make deliveries of securities for sales on trade date plus two business days. Make Your Annual IRA Contribution The deadline to make your 2016 IRA contribution is April 18, 2017, so there is still time to contribute to a Traditional or Roth IRA, subject to IRS eligibility requirements (including any applicable age or income restrictions). The maximum contribution is the lesser of (a) your taxable compensation for 2016, or (b) $5,500 (or $6,500 if you are age 50 or older) for 2016. These limits apply to all your IRAs combined. Your Financial Advisor or Private Wealth Advisor can help you open a new IRA or fund an existing one. You can even move funds from an existing Morgan Stanley non-retirement account to fund your contribution. Speak with your Financial Advisor or Private Wealth Advisor about making an IRA contribution for 2017 at the same time and take advantage of a year of additional potential growth. Introducing Market Value Over Time Chart Morgan Stanley Online has added a Historical Value graph on the Home Page, which displays your account’s month-end Total Value, Net Invested Capital and Investment Earnings. Under Portfolio Reports, this graph is customizable by custom date range and will update month-end values for any adjustments made to the account. Therefore, starting with the January 2017 month-end statement, we replaced the current Change in Value Over Time graph with a Market Value Over Time bar chart, which displays the month-end Total Value for a rolling thirteen months. "Physical Security Restricted Legend Removal" Fee As a reminder, effective May 1, 2017, clients who request the removal of a restricted legend from their physical security will be charged a $300 processing fee. This fee represents the processing expense incurred by the transfer agent and custodian, which was previously absorbed by Morgan Stanley. Sign up for eDelivery of your Account Documents Today Receiving documents through eDelivery is secure, convenient, green and may even help you save on annual account fees. Accounts enrolled in eDelivery of all eligible account documents for every account within their Account Link Group may qualify for a reduced annual fee. Contact your Financial Advisor or Private Wealth Advisor for additional details regarding annual account fees. Simply visit www.morganstanley.com/edelivery to set your eDelivery preferences today. Please note, if you have not already done so, you will first need to register for Morgan Stanley Online prior to making your eDelivery selections. Important Information About Advisory Accounts Please notify your Financial Advisor if there have been any changes in your financial situation or investment objectives, or if you wish to impose any reasonable restrictions on the management of your Investment Advisory accounts, or to reasonably modify existing restrictions. For a copy of the applicable ADV Brochure for Morgan Stanley Smith Barney LLC, or for any investment adviser with whom we contract to manage your investment advisory account, please visit www.morganstanley.com/ADV, or contact your Financial Advisor. These ADV Brochures contain important information about advisory programs. 00 0 4 7 1 M S A D D 2 5 1 This page intentionally left blank Page 24 of 24